Why entrepreneurs should think like scientists
Material type:
BookPublisher: Harvard Business Review Description: 102(4), Jul-Aug, 2024: p.23-35.Subject(s): Scientific method, Entrepreneurship, Start-up strategy, Hypothesis testing, Business experimentation, Revenue growth, Lean start-up, Innovation process, Evidence-based decision making, Pivot strategy, European start-ups, Agile development, Entrepreneurial mindset, Strategic iteration, Early-stage ventures, Business model refinement, Performance metrics, Innovation discipline, Decision-making frameworks, Start-up agility, Experimental thinking
In:
Harvard Business ReviewSummary: In a recent study of European start-ups, one technique consistently boosted performance: the scientific method, a centuries-old discipline of formulating, testing, and tweaking hypotheses. Ventures employing it generated more revenues than those that didn’t and were also more likely to pivot away from unviable ideas, a necessity for early-stage firms.
The key to pivoting is focusing not on your ideas but on the answers to your experiments, which should provide insight into customer demand and industry pain points. That approach helped Osense, a start-up focused on technology for tracking carbon emissions, find its successful model. Its first idea was for peer-to-peer product rentals, and its second was for a platform for renting e-vehicles. If it hadn’t applied the scientific method, “we would have ended up with a product that wasn’t viable,” says cofounder Cosimo Cecchini.– Reproduced
| Item type | Current location | Call number | Vol info | Status | Date due | Barcode |
|---|---|---|---|---|---|---|
Articles
|
Indian Institute of Public Administration | 102(4), Jul-Aug, 2024: p.23-35 | Available | AR132679 |
In a recent study of European start-ups, one technique consistently boosted performance: the scientific method, a centuries-old discipline of formulating, testing, and tweaking hypotheses. Ventures employing it generated more revenues than those that didn’t and were also more likely to pivot away from unviable ideas, a necessity for early-stage firms.
The key to pivoting is focusing not on your ideas but on the answers to your experiments, which should provide insight into customer demand and industry pain points. That approach helped Osense, a start-up focused on technology for tracking carbon emissions, find its successful model. Its first idea was for peer-to-peer product rentals, and its second was for a platform for renting e-vehicles. If it hadn’t applied the scientific method, “we would have ended up with a product that wasn’t viable,” says cofounder Cosimo Cecchini.– Reproduced
There are no comments for this item.